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August 8, 2025
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Montenegro’s transmission system operator CGES boosts profit by 28.1%

Montenegro’s transmission system operator CGES achieved a net income of EUR 12.9 million in the first six months of this year. It is 28.1% more than in the same period of 2024 and on a 2.5% higher revenue.

The dedication to quality and operational efficiency is materializing in concrete results, and the outlook remains bright, the management of Montenegro’s electricity transmission system operator (TSO) said. In the semiannual financial report that it published on the website of the Montenegro Stock Exchange, Crnogorski elektroprenosni sistem (CGES) revealed that its total revenue came in at EUR 47.9 million or 2.5% more than in the first half of last year.

Expenditures grew 0.27% to EUR 33.3 million. The company achieved a net income, after tax, of EUR 12.9 million. It is a substantial, 28.1% rise against the result from the equivalent period of 2024.

CGES doesn’t expect that power price volatility and growth would significantly affect its financial stability

“The volatility and growth of electricity prices in the market that was caused by problems in the delivery of oil and gas in Europe, and later with the war in Ukraine, represent a risk affecting a potential increase in costs for the procurement of energy to cover allowed losses in the transmission system; however, without a more pronounced effect on the company’s financial stability throughout the current year. CGES has already launched certain activities to partly mitigate the impact of this risk,” the document said.

The government has a 55.4% stake in CGES. The next-biggest shareholder is Italy’s TSO Terna, which controls 22.1%, while Serbia’s TSO Elektromreža Srbije (EMS) holds 15%.

The Podgorica-based company had a EUR 24.8 million profit in 2024, after EUR 35.7 million the year before.

Of note, CGES signed a letter of intent in March with the two other state-owned electricity companies – power producer Elektroprivreda Crne Gore (EPCG) and CEDIS, the country’s distribution system operator (DSO) – on establishing strategic cooperation for the Consolidated Data Center (CDC) project.

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August 8, 2025
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Nofar Energy set to secure financing for 515 MW of solar in Romania

Israeli renewables company Nofar Energy is set to secure a EUR 68 million loan from the European Bank for Reconstruction and Development (EBRD) for three large-scale photovoltaic projects in Romania, with a combined capacity of 515 MW, including the 265.5 MW Corbii Mari solar park.

The EBRD’s loan, with an expected approval date of September 10, 2025, will be disbursed to Nofar’s three Romanian subsidiaries – Corbii Mari Solar Plant, Aviv Renewable Investment, and Slobozia Solar Plant.

Nofar’s firms intend to build a 175.7 MW solar farm in Iepurești, a 74 MW solar farm in Slobozia, both in Giurgiu county, and a 265.5 MW solar farm in Corbii Mari, Dâmboviţa county, according to the EBRD.

The three solar parks are expected to generate 676 GWh of electricity annually. Their operation is expected to reduce CO2 emissions by 280,000 tons annually, the bank noted.

The three solar parks are expected to produce 676 GWh a year

The Corbii Mari solar park, spanning a total of 290 hectares, would be located near the Romanian capital, Bucharest. Given its size, the project is divided into six lots, Romanian news portal Profit.ro reported.

Nofar operates the largest existing photovoltaic park in Romania, of 155 MW, located in Rătești in Argeș county.

Nofar’s 155 MW solar park in Rătești is currently the largest in Romania

There are other major photovoltaic projects in Romania larger than Corbii Mari, in various stages of development, including one of over 1 GW, under development in Arad county by Czech company Rezolv Energy.

Ingka Investments, the investment division of Sweden-based Ingka Holding, the largest IKEA franchisee company, is building its first solar power plant in Romania. The Butimanu project is for 300 MW in peak capacity, it recently said.

Nofar is also developing the Ghimpați solar project near Bucharest, with an installed capacity of 146 MW. Earlier this year, the Israeli company said it had connected to the electricity grid its solar park in Ada, the largest such system in neighboring Serbia.

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August 8, 2025
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Slovenia sells Europe’s first sustainability bond, worth EUR 1 billion

Slovenia accessed the international markets with its inaugural sustainability-linked bond, oversubscribed by more than 6.5 times. The interest payable can grow or drop by 50 basis points depending on the country’s progress in cutting greenhouse gas emissions. It is the first-ever sustainability-linked bond issue from a European sovereign, the Ministry of Finance pointed out.

Bankers and fund managers flocked around the first sustainability-linked bond that Slovenia offered in the market. Demand reached over 6.5 times more than the EUR 1 billion available, with a 10-year maturity. It is also the first-ever sustainability-linked bond issue from a European sovereign, the Ministry of Finance pointed out.

The country’s Sustainability Bond Framework is also in line with the Green Bond Principles of the International Capital Market Association – ICMA, and it takes into account the Green Bond Standard of the European Union. The proceeds from sustainability bonds are for financing or refinancing eligible green or social projects.

If Slovenia doesn’t achieve a 35% cut in total greenhouse gas emissions by 2030, relative to the 2005 baseline, the interest payable on the note will increase by 50 basis points, commencing nine years after the settlement date. If the emissions cuts surpass 45%, the rate will go 50 points lower, the documentation shows.

High demand resulted in a drop in the price spread from 70 to 61 basis points above the benchmark

The initial price guidance was at 70 basis points above the mid-interest rate swap as benchmark. Strong demand, including EUR 435 million in joint lead managers (JLM) interest, slashed the spread to 61 points. The note has a 3.125% fixed-rate coupon, reoffer yield of 3.155% and reoffer price of 99.746%, the ministry revealed.

As for the geographical distribution of the buyers, 23% are in the United Kingdom or Ireland, 20% is in the region comprising Belgium, Netherlands and Luxembourg, and 15% are from Germany, Austria or Switzerland. Next is Southern Europe, with 12%, followed by Slovenia’s 11%, a 9% Nordics share and 5% for France.

Asset managers amounted to 54% of the total sum. Central banks and other official institutions, at 18%, were just barely ahead of other banks (17%). Insurance and pension funds purchased 5% and hedge funds now hold 4% of the issue.

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August 8, 2025
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European Energy Communities Facility to award EUR 45,000 per project

The European Energy Communities Facility has launched its first call for proposals to support the development of comprehensive business plans for community energy projects. Emerging energy communities in 27 European Union member states, Iceland, Moldova, North Macedonia, and Ukraine can apply for a lump sum grant of EUR 45,000 per beneficiary.

The European Energy Communities Facility grants are intended to support the development of comprehensive business plans for community energy projects in 31 countries. A total budget of over EUR 3 million will be distributed among 73 selected initiatives to empower citizens to drive a fair, democratic, and sustainable energy transition. The application deadline is September 30.

The application deadline is September 30

The funding will cover all preparatory steps needed to develop a sound, viable, and bankable business plan, from technical and financial assessments to legal and administrative procedures, including feasibility studies.

In addition to financial support, successful applicants will gain access to peer-to-peer exchanges and a capacity-building programme, tailored to help them develop and implement their business plans.

Existing communities also can apply

While the call is primarily aimed at emerging energy communities, existing communities exploring new services or business models are also eligible to apply.

To qualify, the applicant must be registered as a legal entity and comply with one of the EU definitions for energy communities, be based in an eligible country (EU27, Iceland, Moldova, North Macedonia, and Ukraine), and commit to fulfilling all grant obligations.

To ensure fairness, applications will be assessed within two regional categories, based on the legal framework for energy communities of each country. This approach guarantees that initiatives developed in countries facing more challenging conditions for community energy will not be in competition with those emerging from countries with more favorable conditions.

Independent experts will evaluate proposals based on project ambition, readiness, quality, and local impact. The evaluation results are expected to be communicated by December.

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August 8, 2025
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NGEN Group launches 9.4 MW battery project in Poland; more large-scale investments underway

NGEN Group, a high-tech company with a strong focus on innovation in the energy sector, particularly in the management and construction of battery storage systems, announced that it has launched an energy storage project in Poland. The initiative marks a significant step in the company’s expansion into the Polish market, where it leverages cutting-edge technology to support the country’s transition to a more sustainable and resilient energy infrastructure.

NGEN Group said it plans to undertake several similar projects across Europe in the coming year, including the development of battery systems with a total capacity of up to 1.6 GWh in countries such as Germany, Italy, Portugal, Poland, Croatia, and Austria.

The new battery energy storage system (BESS) will have a power capacity of 9.4 MW and an energy capacity of 18.8 MWh. Powered by Tesla Megapack 2XL technology, the system is designed to provide critical grid balancing services for Poland’s energy system, enhancing network flexibility and stability.

Significant environmental benefits

Beyond these operational benefits, the project is expected to deliver a significant environmental impact, saving approximately 1,800 tons of CO2 emissions annually. This aligns with broader trends in Poland.

“We are thrilled to introduce this advanced energy storage solution in Poland, which is fully aligned with our mission: ‘We are accelerating the green transition with innovative and sustainable energy solutions.’ This drives the next generation of sustainable energy,” said Roman Bernard, co-founder and CEO of NGEN Group. “By integrating Tesla Megapack technology, we are not only strengthening the reliability of the national grid but also contributing to Poland’s ambitious goals for renewable energy integration and carbon emission reduction.”

The project highlights NGEN Group’s expertise in delivering tailored, comprehensive energy solutions for businesses and energy services. As Poland continues to expand its renewable energy portfolio, initiatives like this battery storage system will play a crucial role in managing the intermittency of sources such as wind and solar, ensuring a stable electricity supply, and reducing reliance on fossil fuels.

NGEN is expanding its model across Europe

The company has already successfully collaborated on projects such as the development of a battery system for Uniper in Germany, and it aims to expand this model across Europe.

Based in Slovenia, NGEN Group, meaning Next Generation, specializes in innovative energy solutions, management, and construction of battery storage systems with intelligent balancing group management systems.

The company employs approximately 165 experts, develops proprietary software solutions, and offers customized services to promote sustainable energy practices across Europe. Its vision is a fully digitized and decentralized European energy system that keeps pace with the rapid growth of renewable energy and societal electrification.

NGEN was the technology sponsor this year of Belgrade Energy Forum, an annual conference organized by Balkan Green Energy News.

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August 8, 2025
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First desulfurization system test completed at coal plant in Serbia

All construction work on the desulfurization system at coal-fired thermal power plant Nikola Tesla B (TENT B) near Obrenovac, Serbia, has been completed, and individual components of the system are now undergoing testing, the Ministry of Mining and Energy said.

The first test, in which flue gases and limestone slurry were injected through the absorber at unit B1, was completed. The same procedure is planned for absorber B2 in mid-August.

The units utilize the wet desulfurization method. The lime milk solvent is sprayed in absorbers-scrubbers to take in sulfur dioxide (SO2) from flue gas, resulting in the creation of gypsum.

Over EUR 400 million has been invested in desulfurization systems at TENT A and TENT B

Milan Aleksić, advisor to the Minister of Mining and Energy of Serbia, said during his visit to the site that more than EUR 400 million has been invested in the construction of desulfurization systems at TENT A and TENT B. He emphasized that the facility at TENT B is one of the largest environmental investments by state-owned power utility Elektroprivreda Srbije – EPS. “Last year, a similar system was built in TENT A. It is important that both facilities will contribute to better environmental protection and the health of the residents of Obrenovac and surrounding areas,” said Aleksić.

Thanks to the two systems, both thermal power plants, which still represent the backbone of Serbia’s electricity generation, will be able to operate longer, he asserted.

Aleksić pointed out that the ministry would continue to support EPS in planning and securing funds for environmental projects, with a particular focus on implementing environmental protection measures at thermal energy facilities.

TENT A is in the town of Obrenovac, while TENT B is further west in the same municipality, which is part of the territory of Serbia’s capital, Belgrade.

Cement to be produced using ash from TENT B

EPS’s General Manager Dušan Živković said that with desulfurization systems at three units at the Kostolac B thermal power plant, four units at TENT A, and both units at TENT B, all large EPS thermal power plants would be fully environmentally compliant with both the European Union’s and national standards.

“The hot test, injecting flue gases and limestone slurry through absorber B1, was successfully carried out. This is a key milestone in the technological process. The white plume from the stack is proof that the process is functioning, and we are now entering the phase of fine-tuning all parameters. We expect the desulfurization system at TENT B to begin trial operations in mid-December,” said Živković.

Lafarge plans cement plant and quarry

Another major project is being prepared in Obrenovac. Lafarge BFC Serbia plans to build a cement factory that would use ash from TENT B’s ash landfill as raw material for the production of construction materials. In the first phase, an investment of EUR 110 million is planned. The Government of Serbia has initiated the development of a special purpose spatial plan for the industrial complex.

The project includes a future factory in Ratari, a settlement in the municipality of Obrenovac, and a quarry in the Jazovnik–Svileuva area, spanning the municipalities of Vladimirci and Koceljeva. They would be logistically connected with TENT B. The project addresses the issue of electrostatic precipitator ash disposal and creates opportunities for its reuse in industry, contributing to the sustainability of Serbia’s energy sector.

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